This landmark event, supported by the African Development Bank Group, represents a significant step forward for the country in resolving its debt and reconnecting with the global financial community. The compensation plan is in line with Zimbabwe's overall reform strategy, which seeks to settle its $21 billion debt and re-establish its relationship with international lenders.
to advance the debt resolution process.
For the past ten years, Dr. Adesina has provided unwavering dedication to our continent and the people of Africa, profoundly impacting our understanding of development finance," President Mnangagwa stated. "He has instilled in us a fresh sense of optimism and self-assurance in what we can accomplish as Africans by utilizing our resources effectively.
Zimbabwe's Finance Minister, Prof. Mthuli Ncube, confirmed the start of payments, emphasizing that fulfilling these commitments is essential for establishing trust, boosting investor confidence, and achieving debt stability. "This process is crucial for establishing trust, honoring our commitments, and ensuring consistency with our Constitution as we tackle Zimbabwe's debt issue," he said.
Under Dr. Adesina's leadership, the African Development Bank Group has facilitated Zimbabwe's structured interactions with its creditors, and has also pledged to mobilize concessional financing through the African Development Fund, its concessional arm, to help Zimbabwe settle its arrears, using the same successful debt resolution models applied in Sudan and Somalia.
The (TAAT) initiative has distributed climate-smart seeds to more than 40 million smallholder farmers in 30 African countries. "Given that Zimbabwe's economy is heavily reliant on agriculture, the country has seen substantial benefits from Dr. Adesina's plan to turn rural areas into thriving communities," he observed.
The project, launched in July 2022, demonstrates this commitment, having supported more than 31,000 farmers--35% of whom are women--and increased food production across 65,000 hectares, with plans to reach 200,000 hectares.
In addition to its agricultural support, the Bank has also shown a strong commitment to Zimbabwe's private sector development, offering $55 million in lines of credit during the 2023-2024 period.
Looking forward, President Mnangagwa urged future generations to preserve the legacy of leaders like Dr. Adesina in promoting African development. "By unity, diligent effort, innovation, and perseverance, we can achieve a contemporary, industrialized Africa that is self-sufficient in food and energy, at peace, and independent."
With its significant reserves of essential minerals, such as lithium and platinum group metals, Zimbabwe is among the top nations poised to play a crucial role in the global shift towards renewable energy.
"No one, regardless of their strength, can climb a hill while carrying heavy loads of sand on their shoulders. The $21 billion debt of Zimbabwe, with most of it being overdue, has become a mountain of overdue payments weighing heavily on Zimbabwe, like heavy sandbags piled up on the country's back," Dr. Adesina said in his speech at the 6th High-level Structured Dialogue Platform Meeting on Arrears Clearance and Debt Resolution for Zimbabwe, emphasizing the pressing need for a resolution.
"It is now time to put an end to the long-standing economic harm to Zimbabwe, the hardships faced by its citizens, and start anew with a collective sense of optimism, shared goals, and lasting prosperity, for its people, both now and in the years to come," Dr. Adesina stated.
- President Emmerson Mnangagwa's congratulatory message to African Development Bank Group President
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